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Description

POL208 MIDTERM 2: REVIEW Introduction to International Political Economy TERMS Political Economy - Interaction economics and politics; combination of the two fields Opportunity Cost War Economy - Times of war, economics plays an important role; market needs to adjust - Restructuring of the economy Economic Warfare - Use of economic instruments as a part of war - Ex. oil embargo imposed by US and other countries on Japan before they entered WWII; eventually, they attacked Pearl Harbor Total War Economic Sanctions Opportunity Costs - When you choose an option, you give up the opportunity of another opportunity that could have made a lot of money Peace Dividend - Economic gain from a reduction in spending on defense Economic Liberalism - Increased efficiency will lead to growth, and growth will maximize welfare - Free markets and limited government intervention www.notesolution.comEconomic Nationalism - Economics are important for national interest and security Marxism LECTURE - Sudan civil war; Southern Sudan having referendum; mostly Christian; more oil in Southern part - Professor Rajan in an integrated economy, what is good for the individual isnt necessarily good for the system fault lines in global economy because of politics - Economics in the past was understood as political economy; need to study politics as well to really understand economics - Market can be seen as a means of gaining power market is the butter and security as the guns; without butter, you cant get any guns - Source of power we need butter to buy guns, so we should invest in the market and invest in international security - Source of welfare we like butter - We need guns for protection, and butter for welfare - More money in guns or butter? - War economy see trade-offs between guns and butter - Total war everything towards production of guns, and not butter - Lots of shortages and thus rationing - But most wars are followed by an economic boom as long as they didnt face too much infrastructural damage ex. US and Canada after WWIIalthough many European countries didnt - Economic warfare coercive disturbance of the opponents economy to diminish their power and they will not be able to buy a lot of arms - Economic sanctions putting sanctions on another country to make them change their policies www.notesolution.com- Economic warfare can be waged separately from military warfare, or even in conjunction - International law tries to separate goods that are part of a war from civilian goods - Recently, economic sanctions have been used more instead of war but they often dont work, and harm civilians as well - Smart sanctions can target civilians or military capabilities - Calculating the cost of war - Direct costs: tanks, planes, personnel, damaged infrastructure, etc. - Indirect costs: higher oil prices, borrowing money, healthcare for veterans, etc. - Opportunity costs are indirect example: sitting in class instead of going to work - Peace dividend peace should lower demand for guns and generate more butter - What is the role of the economy in international relations? liberalism, economic nationalism, and Marxism - Economic liberalism trade will lead to efficiency as well as peace and prosperity - Absolute gains - Mercantilism emphasize military sectors; wealth is a source of power; zero-sum approach; industrialization therefore government intervention and ownership are necessary - Guns vs. butter for economic liberals, but guns and butter for a mercantilist - Marxism world economy is dominated by capitalists who seek to maximize profit, which leads to overproduction - Rich get richer, poor get poorer - Marxists believe guns serve the needs of butter Gilpin The Political Economy of International Relations - Three ideologies of political economy: liberalism, nationalism, and Marxism - Liberalism politics and economics exist separately - Marxism economy drives politics www.notesolution.com